Review on Income Tax

The government provides tax exemption (under Section 80C and 80D) which allows a person to apply for exemption on tax that is based on the kinds of investment he has made in that financial year. We can begin by subtracting the exemption amount from total annual earnings.

It is important for the employee to get a declaration and proof from individuals to approve tax exemption. The categories mentioned below are applicable for exemption:

House Rent Allowance If an employee pays rent for accommodation and is entitled to HRA from the employer, the employee can declare this amount for tax-exemption
Conveyance or Travel Allowance This can be declared for tax-exemption if the employee is provided with the travelling allowance
Medical Allowance This is applicable when the employee produces medical bills for tax exemption

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